Tories want men between 49 and 59 to work and extra year

whiskyboozer

Active Member
Given the older you are the more likely you are to vote this seems like a fine way of casting off a few million potential voters.

Won't make any difference to me but I don't expect people my age will get any sort of State Pension when they retire.
 

nheather

Distinguished Member
I thought they wanted all ages to work until they are 66.

Won't make any difference to me but I don't expect people my age will get any sort of State Pension when they retire.

Whilst I share your sentiment about the State Pension, it may still effect you because it will give company pensions the opportunity to align with the increased age.

Also, I'm under no illusion that by the time I get to retire, they will have probably increased the age to 70+.

I'm just about to turn 46. A couple of years ago I was planning to retire at 55 which was allowed under my company scheme. Now all that has been taken away - what a difference a couple of years makes.

Cheers,

Nigel
 

Solomon Grundy

Distinguished Member
It has to be done at sometime or other because people are living longer and 65 seems to me to be too young to retire these days...at the moment with the way things are I think it is a good way for the Government to save money.

Besides, if you make your own provisions you can still retire from 50+ so it seems fair to me. I don't have my own pension so whenever the Government tells me I can retire is fine and dandy.
 
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FZR400RRSP

Banned
I agree 65 is too young to retire these days.
I have no problem with working longer than that.
I plan to, I can't imagine 20+ years of doing nowt.
 

loz

Distinguished Member
The right thing to do.

We are living longer and our lives are being stretched out...

A retirement age of 65 seemed appropriate when most people left school before 15, and then worked for 50 years.

Now they want everyone at school until at least 18, and most till 21.

Hence a retirement age of 70 seems increasingly appropriate.

Frankly, its the only way we are going to pay for it anyway.
 

Solomon Grundy

Distinguished Member
I heard Mr Cameron say this morning that by increasing the retirement age next year from 65 to 66 it will save £13 billion. Makes sense to me.
 

captainff

Active Member
Isn't this very similar to the Labour Party policy idea that people should work until 67 before the state pension can be drawn?


nheather - If you have a private pension then I don't think you'll be affected by this apart from having to wait an extra year for any state pension that you might (or might not) be entitled to claim
 

dazza74

Distinguished Member
The trouble with this is the longer you force people to work the less jobs you are creating for younger people imo. The other thing to consider is it's all very well when your younger saying oh I'll work till I'm 66+ no problem but none of us have a crystal ball, we've no idea how we'll feel in ourselves at that age.
 

Philly112

Distinguished Member
I think that this is probably a good idea. Although it is just a bringing foward of Labour's plans.
I would like to see a more sweeping pension shake up. ie stopping all public sector final salary plans. Somehow we need to be 'forced' into saving for our own future. Final salary schemes are a real burden on the state and just can't be justified nowadays. We are all living way longer than when we were when final salary pensions were introduced.

Phil
 

Jamezinho

Distinguished Member
The population is getting older so it's inevitable that the retirement age will increase. State pensions and the increased burden on the NHS need to be met somehow.
 

dazza74

Distinguished Member
For me the real issue with getting older is the potential burden you put financially on the NHS, I think we need a more transparent system so that we know what percent of NI contributions goes direct into the health service. On the plus side potentially more people in future will be comfortable in retirement simply of the back of inheriting property from their parent's.
 

BISHI

Distinguished Member
For me the real issue with getting older is the potential burden you put financially on the NHS, I think we need a more transparent system so that we know what percent of NI contributions goes direct into the health service. On the plus side potentially more people in future will be comfortable in retirement simply of the back of inheriting property from their parent's.

There will be no property to inherit as it will have to be sold to pay for the care of pensioners who, forced to work until they are seventy, will go straight from the work force to senility. After paying for the health service for 50 years they will find that there is no care for demetia sufferers unless you are rich and can afford it or you sacrifice your childrens inheritence to pay for it. Any way, even if you did inherit any property you would have to wait until you were in your late 50s before seeing any of it and by then you will probably be sooooo in debt that any cash you might recieve will hardly furnish your debts.
 

Solomon Grundy

Distinguished Member
Somehow we need to be 'forced' into saving for our own future.

The problem with that is that the current cost of living and bringing up a family coupled with high levels of taxation mean that there is not much in the pot to put aside for retirement. Annuity rates are so poor and biased toward the insurance companies it is not worth investing in a personal pension.
 

Philly112

Distinguished Member
The problem with that is that the current cost of living and bringing up a family coupled with high levels of taxation mean that there is not much in the pot to put aside for retirement. Annuity rates are so poor and biased toward the insurance companies it is not worth investing in a personal pension.


So how are you funding your retirement?

Phil
 

domtheone

Distinguished Member
I don't have a problem with this.

It's just a gradual move towards 70 anyway.

Things are changing soon as most peeps have to (by law as I understand it) contribute (we've just started at my work) to a pension scheme in a year or 2 (along with contributions from your employer too) with the new rules coming in.

I have expect the state pension to not even be around by the time i'm in my old age (30-40 years+)
 

Philly112

Distinguished Member
Same as a lot of people in their 30's...I'm not presently doing anything about it.

That's fine - but one way or another unless you take some control you will be living in relative poverty unless you are relying on inherited wealth.

Phil
 

whiskyboozer

Active Member
On the whole I am not necessarily against this idea BUT as I said in my original post it could put a serious dent in their share of the vote come the next election.
 

Hakagure

Banned
The Daily Hate is curently reporting Dave as saying that women wont have to work until 63. But us blokes will have to work an extra year to aged 66 .. Get set to retire at 66: Tories announce longer working life to fill Labour's financial black hole | Mail Online

Here's a thought. Seeing as we are supposed to have Equality why arent both sexes expected to work until the same age ?? And why do the Tories have a Minister for Women ??, do they have a Minister for Men ??, this female biased view of "Equality" is really starting to grate with me. It started in the RAF where as a 30 year old man I had to do a tougher fitness test than an 18 year old woman, due to "gender equalisation" And then said 18 year old women would stand and declare themselves the equal of any man.

Emigration is becoming more and more likely for me I think.
 

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